As expensive as vacations are, they play an essential role in family bonding and improving mental health. Don’t let the cost deter you from taking a vacation with your family.
Are you in need of a vacation but scratching your head about how you will pay for it? Between food, gas, lodging, and airline tickets, a family trip can cost a fortune.
As expensive as vacations are, they play an essential role in family bonding and improving mental health. Don't let the cost deter you from taking a vacation with your family. Try out these methods of paying for a family vacation so you can relax and make unforgettable memories.
Save your money
If you know where you want to go on vacation, you can start calculating the total cost and make a savings plan from there. Each time you get paid, you can stash a little bit of money away towards your trip. Whether you keep that money under your mattress or in a savings account is entirely up to you.
Charge expenses on your credit card
While most people cringe at the idea of putting a considerable expense on their credit card, it can be a smart move if you do it correctly. Many credit cards offer special cash back rewards, points, and discounts for travel expenses. You may be able to take advantage of your credit card perks while on vacation. If you have a solid plan to pay it off when you get home, you'll be able to build credit and boost your score.
Be sure that you keep your debt to income ratio manageable so you'll be able to pay off your trip. In other words, don't charge more than you can handle. Click here for debt to income ratio explained in greater detail.
Use your employee vacation pay
If your employer gives you vacation time, you can factor in that money when paying for a vacation. If your total vacation days are worth $500, then you can put that portion of your pay towards your trip guilt-free as long as you don't need the money to pay bills and mandatory expenses.
Start a side hustle
It's never been easier to start a side business. Online selling platforms make it simple for creators to distribute art, jewelry, and handmade goods. Many creatives are making extra cash or a full-time wage from writing, acting, and social media influencing. No matter what you like to do, you may be able to turn your hobby into money to put towards your family vacation.
Take advantage of automatic savings
If your employer allows you to transfer a portion of your paycheck to a savings account, this is a great feature to take advantage of when saving for a vacation. When money comes out of your check before you receive it, you don't miss it because it's out of sight and out of mind. Even if you can only save a small amount for your trip, it will be much easier to do when you don't even notice that it's gone.
Make lifestyle changes
If your current budget doesn't have any wiggle room for vacation savings, you may have to cut back on shopping, dining, and entertainment until you save up enough dough. Coffees, happy hours, and online shopping sprees can drain your discretionary spending, so attack those areas first. Decluttering your home can also help you save for a vacation. You may be able to generate vacation cash by having a garage sale or selling gently worn clothing online.
Set up a payment plan
Many resorts like Disney, Beaches, and Sandals offer payment plans for vacationers who make a booking deposit. Companies like Sears Vacations and eLayaway allow you to pay as you go and book the trip after completing all the payments. Whether you want to pay before or after your trip, this is an easy way to slowly pay for your vacation without having to come up with a large chunk of cash upfront.
